2011 Year of the Possible, says “Schecky” Schechner
For real estate entrepreneurs, 2011 should be seen as the year of the possible – but not as a time when all dreams come true, says Sheridan “Schecky” Schechner, managing director and U.S. co-head of real estate investment banking at Barclays Capital in New York City.
“Commercial real estate again has become a favored asset class,” says Schechner, a ULI Trustee and vice chair of ULI’s Commercial & Redevelopment Council. “REITs are trying to buy real estate as are private equity firms. Many investors feel that it is a good time in the cycle for equity investments. For debt investors, today’s commercial real estate spreads seem wide compared to other investment alternatives. That attitude, combined with the widespread availability of mezzanine money, means the shortfall in many real estate loans that existed a year ago has largely evaporated or decreased materially.”
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